1351.

LAWS OF MARYLAND.

CHAP. 207.

the corporation, altering, amending, annuling any by-law
or regulations of the board of directors.

President-treasu-
rer and secretary.

Sec. 5. And be it enacted, That the board of directors,
five of whom shall be a quorum, shall appoint from among
their number, or other stockholders, a president, tieasurer
and secretary; and have full power to fill all vacancies that
may happen in their body during the year.

Powers of Direc-
tors.

Sec. 6. And be it enacted, That the board of directors
shall be, and are hereby authorised and empowered, to es-
tablish regulations and by-laws for the use and government
of the corporation, and to repeal the same at discretion,
and to fix the terms for the use and enjoyment of the read-
ing room, library and lecture rooms; to issue certificates
of stock and prescribe the mode of transferring the same;
to employ, compensate and dismiss at pleasure, all officers
and agents deemed needful or useful; to enter into cove-
nants and to use therefore, the name and seal or the name
of the corporation; to call meetings of the stockholders,
to whom they shall report, from time to time, the state of
their affairs; to declare dividends of the profits or any por-
tion thereof, at their discretion; and generally to exercise
all the powers and privileges of this corporation; Provided,
that the same be not inconsistent with ordinances passed by
the stockholders at their general meetings.

Liabilities

Sec. 7. And be it enacted, That all the property, estate
and joint stock of the said corporation, shall be bound and
answerable for any contracts or engagements made, or lia-
bility incurred by them, or by the directors thereof, or
through their agency or authority; and the serving of any
writ or judicial process, by any officer duly authorised,
upon a director, shall be a good service upon the corpora-
tion.

Tenure.

Sec. 8. And be it enacted, That the directors elected for
the year, shall continue to act until superseded by a new
election of directors; and in failure of electing on the day
prescribed, they may be elected on any other day, appoint-
ed by the existing board, after ten days public notice there-
of; and subscription books may be opened from time to
time, in the discretion of the directors, until the whole
capital is subscribed.